Baltimore City Authorizes Resident Retention Tax Credit Program

In an effort to keep homeowners who wish to move keep that move within the city, Baltimore is offering a new tax credit program. As reported in The Baltimore Sun:

The Resident Retention Tax Credits — which were approved unanimously by the council — are intended to help residents who lose their Homestead tax credits when they switch homes.

“For too many families, the choice between staying or leaving comes down to tax relief,” [Mayor Stephanie] Rawlings-Blake said in a statement. “This legislation is the latest effort from my Administration to ease the tax burden on families who want to stay in Baltimore City, but are afraid they won’t be able to afford to do so.  We are making it easier for families who want to grow within Baltimore City, to find attractive options right here as opposed to moving to another jurisdiction.”

The program will begin in 2015 and will offer up to $5,000 in tax credits.

For more information read the full article in The Baltimore Sun.